What is KSM?
KSM is the native token of the Kusama network. KSM can be used for staking and enables KSM owners to take part in the protocol’s governance.
At the time of writing, KSM is trading 460.50 on Coinhako. It reached its ATH of $566.74 on March 29, 2021.
*Please note that wallet features for KSM are not currently available. Users will be informed once KSM wallet features are enabled on Coinhako.
What is Kusama?
Kusama functions as a pre-production environment for Polkadot, and enables the testing and experimentation of blockchains before they are released on a network.
Kusama offers greater flexibility while developers finalise their Polkadot projects. You can think of them as an incubator of new projects!
How Does The Kusama Network Work?
What makes the Kusama network special is that it allows for the creation of two types of blockchains - the relay chain and parachains.
Transactions are finalised on the main Kusama blockchain, the relay chain splits up new transactions from the act of validating those transactions to process them faster.
The Parachains, on the other hand, help to confirm that transactions are accurate by tapping on the relay chains computing resources.
Kusama is also extremely efficient, and runs on a nominated proof-of-stake (NPoS) consensus algorithm, which allows them to perform rapid on-chain upgrades.
Users who own or stake KSM can participate in the maintenance and governance of the network. They earn newly minted KSM as rewards, in proportion to the KSM they stake.
Anyone who owns and/or stakes KSM, the native token of the Kusama network in a special contract, can participate in the governance of the network.
Participants can contribute as either validators or nominators. As their name suggests, validators help to verify and validate data in parachain blocks and vote for proposed changes to the network.
On the other hand, nominators help to ensure security of the relay chain by picking trustworthy validators.
The Kusama network is governed by three main bodies - The Referendum Chamber, The Council, and The Technical committee - all made up of KSM users who either own KSM tokens or are part of teams who build the Kusama network.
What’s New with Kusama (KSM) on Coinhako?
1. Trade KSM directly with Singapore Dollars (SGD) 🇸🇬
With KSM/SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell KSM in Singapore Dollars (SGD) when they fund their accounts with SGD.
📈 View KSM Token price in SGD now
2. Trade KSM directly with Vietnamese Dong Trading (VNDT) 🇻🇳
With KSM/VND trading pairs available on Coinhako, our Vietnam users will be able to buy & sell Solana when they fund their accounts with VND.
3. Trade KSM directly with US Dollars (USD) 🇺🇸
The KSM/USD trading pair Solana prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell KSM when they fund their accounts with USD.
4. KSM swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade Solana with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest KSM coin price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on Kusama Token, alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
5. KSM wallet for all (WIP)
With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store Kusama.
6. Buy Kusama Token (KSM) instantly with debit and credit card
Beat the deposit queue and buy Kusama instantly when you pay by card.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.